Gate.io and Hyperliquid both quote 121 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is UNITREE — long Hyperliquid / short Gate.io at 351.9% net APR — but the median across all shared markets is 14.1%, which is the number worth planning around.

The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 78 markets go long on Gate.io and 43 on Hyperliquid. 91 markets clear 5% net APR, 71 clear 10%.

Gate.io pays funding every 8h on 226 markets and every 4h on 201 markets; Hyperliquid pays every 1h on 223 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Gate.io quotes 429 perpetual markets in total and Hyperliquid quotes 223; the 121 they share are what this page ranks. Across its own book Gate.io runs a median funding rate of 2.8% and Hyperliquid 10.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.

Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.